Banking & Transfer Specialist

Company: tastytrade 
Role: Banking & Transfer Specialist 
Location: Chicago, IL – Hybrid (minimum 3 days/week in office) 
Reports to: Senior Manager, Banking Operations 
Licensure Required: FINRA Series 7 (or SIE and Series 7 Top-Off) and Series 63 
Hours: 7 AM - 4 PM or 8 AM - 5 PM 
  
As a Banking and Transfer Specialist with tastytrade, you will be a critical hands-on processor within our fast-paced Banking team. The ability to place trades relies on the timing of account funding, making this a crucial function to the operation of the firm. Your primary role is to act as a liaison between the client and clearing firm, moving assets internally as well as from other firms. You will help with processing ACATs, wires, checks, internal transfers, and ACH disbursements, while remaining the team's go-to resource for IRA-related distribution matters. This role represents the natural progression from Banking Support Specialist, taking on direct transaction-processing authority and serving as a mentor to newer team members while building the operational expertise needed for future advancement. 
 
What You'll Do 
 
Transaction Processing 

• Process all account transfers (ACATs) in a timely manner, including full and partial transfers from other brokerage firms
• Manually review and process wires (domestic and international), checks, internal transfers, and ACH disbursements
• Remain savvy with IRA-related matters and process IRA distributions including early withdrawals, RMDs, and qualified distributions
• Scan checks into the internal system on a daily basis, ensuring accurate record-keeping and timely deposit
• Process 401(k) rollovers and IRA transfers including direct rollovers, indirect rollovers, and 60-day rollover matters
• Review and resolve ACAT rejections or documentation issues in coordination with contra firms 

Escalation Handling & Complex Transaction Support 

• Serve as the escalation point for Banking Support Specialists on funding and transfer matters requiring hands-on processing judgment
• Resolve complex transaction issues including rejected ACH transactions, bank verification failures, and micro-deposit confirmations
• Handle escalated wire transfer inquiries including international wires, wire recalls, and wire instruction discrepancies
• Coordinate with contra firms on ACAT issues, documentation problems, and account discrepancies 

Customer & Frontline Team Support 

• Provide friendly, accurate, and efficient support via chat, email, and phone regarding any money movement-related matters
• Serve as a specialized resource for Trade Desk and Concierge teams on complex funding, transfer, and distribution questions
• Provide clear guidance to customers navigating ACAT timelines, fees, and transfer limitations 

Compliance & Regulatory Adherence 

• Comply with industry Anti-Money Laundering (AML) regulations and assist the fraud team with monitoring and documentation
• Identify and escalate suspicious funding activity, documentation irregularities, or potential fraud indicators
• Maintain thorough documentation of transaction processing decisions for audit and regulatory purposes 

Clearing Firm Collaboration 

• Collaborate with the clearing firm on a daily basis regarding transaction processing, settlement, and discrepancy resolution
• Coordinate with clearing firm operations teams on ACAT processing, wire confirmations, and transaction failures 

Mentorship & Team Support 

• Mentor and train Banking Support Specialists on transaction processing, documentation standards, and regulatory requirements
• Share best practices and technical knowledge with the broader Banking team
• Support onboarding of new Banking Support Specialists on funding types, transfer processes, and system tools 

Process Improvement & Development 

• Provide input and recommendations for improvement regarding current banking policies, procedures, and technologies
• Identify processing bottlenecks and propose solutions to improve transaction turnaround times and accuracy
• Participate in testing new banking tools, workflows, or system enhancements 

Career Development 

• Demonstrate consistent accuracy and sound judgment across complex transaction processing scenarios
• Build leadership skills through mentoring Banking Support Specialists and supporting their development
• Shadow the Head of Banking on workflow management, escalation handling, and cross-team coordination
• Demonstrate readiness for advancement through sustained accuracy, mentorship impact, and cross-functional collaboration  

Who You Are 
 
Experience & Credentials 

• FINRA Series 7 (or SIE and Series 7 Top-Off) and Series 63 Certified
• Currently or previously held a Banking Support Specialist role, or equivalent experience in banking operations
• Minimum 1-3 years of experience in banking operations, brokerage operations, or a similar licensed role
• Bachelor's degree or related work experience
• Demonstrated track record of accuracy and sound judgment in transaction processing decisions 

Technical & Regulatory Expertise 

• Strong understanding of ACAT transfer processes, wire processing, check handling, and ACH disbursements
• Solid knowledge of IRA distribution rules, rollovers, 60-day rollover requirements, etc.
• Basic understanding of trade settlements, options positions, and different security types
• Familiarity with AML regulations and their application to funding and transfer operations
• Familiarity with fraud detection patterns related to funding transactions and account transfers 

Judgment & Decision-Making 

• Demonstrated ability to make sound decisions on complex transaction processing matters
• Strong critical thinking abilities with a systematic approach to reviewing documentation and resolving discrepancies
• Sound judgment on when to process independently versus escalate to the Head of Banking or Compliance 

Mentorship & Communication Skills 

• Experience mentoring or training team members, with demonstrated success developing others' skills and confidence
• Strong interpersonal skills, effective in customer interactions, and ability to identify appropriate solutions
• Ability to collaborate with all departments within the company
• Clear, professional communication across all levels for internal collaboration and customer interactions 

Operational Skills 

• Skilled at processing high volumes of ACATs, wires, checks, and ACH disbursements accurately 
• Comfortable managing time-sensitive cutoffs for wire submissions, check deposits, and ACH batch processing
• Able to prioritize competing transaction types (e.g., an urgent outgoing wire vs. a routine ACAT) based on funding deadlines and trade impact
• Strong reconciliation skills for catching discrepancies between requested amounts, account balances, and clearing firm confirmations
• Ability to manage a queue of pending IRA distribution requests, rollovers, and time-sensitive tax-related deadlines (e.g., RMDs, 60-day rollover windows)
• Detail-oriented mindset with a willingness to learn and uphold applicable regulatory requirements
• Willingness to collaborate with teammates to address time-sensitive issues
• Strong organizational skills and ability to manage competing priorities across multiple transaction types 

• Performance Bonuses 
• Stock Purchase Options 
• Medical/Vision/Dental Benefits 
• 401k Plan 
• 20 Paid Vacation Days (plus an additional paid vacation day the month of your birthday!) 
• 10 Paid Sick Days 
• Gym Membership Reimbursement 
• Commuter Benefits 
• Pet Insurance 
• Wellness & Mental Health Programs 
• Charitable Donation Matching 
• Two Paid Volunteer Days Off 
• Daily catered lunch when in the office 
• Full kitchen with snacks and beverages 
• In-building gym 
• Shuttle to/from Metra